Editorial Commentary

Progress or Progressivity

Growing inequality is not as dangerous as doing something about it.

On the day that Americans faced a deadline for filing their tax returns, a French economist came to Washington, preaching against the growing global inequality of wealth and income. He suggested that, to redress this intolerable grievance, the U.S. and all the nations of the world should levy a progressive income tax with a top rate of at least 80% and an annual wealth tax of 5% or more.